Within his recently unveiled personal account, called Ithaki, the ex- premier Alexis Tsipras spares no criticism as he examines the chaotic era of Greece's debt drama.
A Controversial Choice
According to Tsipras's version, Tsipras appointed the maverick economist Varoufakis as the finance minister primarily because of the latter's worldwide fame and his very persuasive skills as a communicator.
“In reality, he was, truthfully, more of a celebrity rather than an economist,” wrote Tsipras.
Conflicting Agendas
The former leader claims that Varoufakis had his own agenda that included advancing his publications as well as testing out his economic models using Greece rather than genuinely fighting for its economic stability.
He explained how the negotiations to prevent insolvency were “not just a method to secure improved terms for the country. They were an experiment, an historic chance to demonstrate the truth of his economic theories.”
High-Stakes Talks
During tense discussions, the country found itself perilously on the brink of leaving the single currency area.
On the line was both Greece's future and the severe austerity policies required in exchange for rescue loans by foreign lenders.
Failed Alternatives
Attempts to find funds elsewhere, including a desperate appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting Greece was tantamount to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, the excoriating bailout terms were put to a public vote, a move which plunged Europe into a deeper existential crisis.
Although the vote was carried decisively by voters against austerity, the prime minister had little option to ignore the result and agree to a rescue deal from creditors which proved to be even harsher.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the figure who attracted publicity, who graced the front pages of publications the world over … it seemed he relished the spotlight.”
After Varoufakis outlined a backup strategy involving establishing a parallel currency and distributing vouchers to pensioners, the leader knew that it was game over questioning Varoufakis: “Is this for real?”
Enduring Rebuke
In the book, the author asserts how Varoufakis had proved himself “unsuitable for an agreement that required intricate and delicate management.”
Tsipras also wrote that Varoufakis's confrontational style made him more and more alone with colleagues, put Greece at risk, while helped hawks who were pushing for a Greek exit from the euro.
The account of events has provoked fury along with shock among certain groups, while the former minister has kept a deafening silence on the matter.